Topic: Betcoin.ag suspended 1.8btc acc, unresponsive to live chat or email 1 week+ (Read 172 times)

Hi all, here for an update. I should also note that the were indeed responsive to my second follow-up support email, but it went unnoticed in my Spam folder.

I wanted to wait until Betcoin acted, which they did yesterday by sending my deposit back which was 1.5 BTC. I believe my account had ~1.8 BTC in there before I made my steam chasing bets.

I definitely don't think it's right that they kept the margin between my balance and my deposits, in my opinion this is highly unethical.

Mahdirakib, when you say betting sites don't consider steam chasing a good thing, that should be clarified by saying they don't consider winning players a good thing. Every sports bettor makes a bet with the intention of making a profit. If I continued winning regardless of the methods, I expect at some point to be limited or banned. I do not expect to have my balance stolen. It should also be noted that no reputable site confiscates funds for this, but I would expect to be limited and and at the worst case account closed and funds returned and would take no issue with that.

I had been betting live in-play up to this point with some system on momentum in games and had a small profit seemingly without issue. I decided one day to track market movement (steam chasing) and made bets on betcoin based on that logic. It should be noted that steam chasing is not a guaranteed method to make profit, the line is still dynamic and can move back, the game still needs to be played.  In this case my account seemed to be suspended and voided before any of those bets started, and Betcoin only returned my deposits, not my account balance. I did not realize any gain from my bets which I believe won, and instead had my account closed without notice.

Bitcoin_arena, I definitely didn't get a "second chance" and in fact the end result is that I had some balance that was confiscated that was profit made before any steam chasing bets were made. I don't agree with this, and I don't think the wider community should either.

Betcoin.ag, can I have my entire balance returned instead of just my deposits?

What I noticed is that they rarely come back to update on whether the problem was resolved or not. So we may never know whether OP got punished for going against the terms or they gave him a second chance.

I think some just post here in the scam accusation with hope that they can get support from members to pressurize a casino to pay them back.

I just done a little research to get some information about chasing steam. A group of bettor tries to take the benefit of sudden odds change on an event. Some sportsbooks are slow to update the betting odds on a sudden change of the betting market situation. Usually a betting syndicate creates such situation by placing good amount of bets on a single side. Check this article to know about it clearly: Chasing Steam
Betting site doesn't consider chasing steam as a good thing. It has been mentioned in the article too


OP is aware of the result of Steam betting. Still, he has done it to gain profits by placing bets. Anyway, Betcoin.ag representative has taken their steps to resolve the accusation. I hope OP will share the final decision of Betcoin.ag here.

Hello, we responded to your email on Tuesday (25 Oct). Please check your spam folder. We are also sending you a PM now.

Have you contacted their site representative on here? https://bitcointalksearch.org/user/betcoinag-202115 here in their contact link. Betcoin was accused of some shady activity in 2016 but nothing since then, so maybe this is a misunderstanding?

What is steam chasing and why is it undesirable?

Hi, I just signed up for an account here since I can see betcoin.ag is active in the forum.

I opened an account here in September 2022 and deposited 3 times to the site 0.2, 0.8, and 1.5 btc. I've received two withdrawals after submitting KYC for 0.2 and 0.8 btc.

Was mostly betting live MLB in the summer, win some lose some, nothing spectacular and took a break and had a roughly 1.8 btc in the account, things were fine. Last week I decided to bet some NBA totals that I liked and seemed to look good on the market (was admittedly steam chasing and betting multiple alt lines to get in more volume). That night I noticed before the games even started, I couldn't login. Since then, live chat has told me to converse via email only, and two emails to their contact address have gone ghosted.

I really just want some kind of reasonable explanation, resolution, or support to my case as I did nothing wrong except attempt to bet profitably and steam chase a couple games. I would understand cutting limits as this is an undesirable activity but to suspend my account, potentially steal the balance, and provide zero response is extremely heavy-handed behavior and not one I would have expected from what I presumed to be a somewhat large name in crypto gambling.